[FWP] Morgan Stanley Free Writing Prospectus
Morgan Stanley Finance LLC, fully guaranteed by Morgan Stanley, is marketing Dual Directional Trigger Jump Securities linked to Palantir Technologies Inc. (PLTR) common stock. The notes are unsecured, do not pay coupons, and mature on 15 July 2027.
Key economic terms:
- Stated Principal Amount: USD 1,000 per security
- Upside Payment: USD 640 – 660 (64 % – 66 % of principal) if PLTR appreciation is 0 % or more at observation.
- Absolute Return Participation: 100 % on both gains and declines up to –40 % (investor receives principal plus the same absolute return, capped by the fixed USD 640–660 jump).
- Downside Threshold: 60 % of initial PLTR level; below this, investors are fully exposed to negative performance on a 1-for-1 basis.
- Observation Date: 12 July 2027 (single look-back)
- Estimated Value: USD 954.30 (within ±USD 35) vs. USD 1,000 issue price, reflecting structuring and hedging costs.
- CUSIP: 61778NES6
Risk highlights (non-exhaustive): the securities are subject to Morgan Stanley credit risk; no principal protection; limited upside beyond the jump payment; unlisted with potentially limited liquidity; pricing disadvantage due to dealer spreads; and uncertain U.S. tax treatment. The product differs economically from directly holding PLTR shares and may perform adversely if hedging activity distorts secondary prices.
Illustrative payoff: investors receive the fixed USD 1,640 maximum even if PLTR doubles, and the same maximum at any positive return. For declines within –40 %, payoff rises linearly (e.g., –20 % PLTR leads to USD 1,200). Below the –40 % trigger, losses accelerate, down to zero if PLTR falls 100 %.
Prospective buyers should review the full preliminary pricing supplement No. 9,151, product supplement and prospectus, and consider the detailed “Risk Factors” before investing.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, propone Dual Directional Trigger Jump Securities collegati alle azioni ordinarie di Palantir Technologies Inc. (PLTR). Le obbligazioni sono non garantite, non pagano cedole e scadono il 15 luglio 2027.
Termini economici principali:
- Importo nominale dichiarato: 1.000 USD per titolo
- Pagamento massimo: 640 – 660 USD (64% – 66% del capitale) se l’apprezzamento di PLTR è pari o superiore a zero alla data di osservazione.
- Partecipazione al rendimento assoluto: 100% sia su guadagni che su perdite fino al –40% (l’investitore riceve il capitale più il rendimento assoluto, limitato dal pagamento fisso di 640–660 USD).
- Soglia di ribasso: 60% del valore iniziale di PLTR; al di sotto di questa soglia, l’investitore è esposto integralmente alle perdite su base 1:1.
- Data di osservazione: 12 luglio 2027 (osservazione unica)
- Valore stimato: 954,30 USD (con una variazione di ±35 USD) rispetto al prezzo di emissione di 1.000 USD, che riflette costi di strutturazione e copertura.
- CUSIP: 61778NES6
Rischi principali (non esaustivi): i titoli sono soggetti al rischio di credito di Morgan Stanley; non offrono protezione del capitale; guadagni limitati oltre il pagamento massimo; non quotati con possibile liquidità ridotta; svantaggi di prezzo dovuti allo spread dei dealer; trattamento fiscale USA incerto. Il prodotto si differenzia economicamente dal possesso diretto delle azioni PLTR e potrebbe subire performance negative se l’attività di copertura altera i prezzi secondari.
Rendimento illustrativo: l’investitore riceve un massimo fisso di 1.640 USD anche se PLTR raddoppia, e lo stesso massimo per qualsiasi rendimento positivo. Per ribassi fino al –40%, il rendimento cresce linearmente (ad esempio, un –20% di PLTR corrisponde a 1.200 USD). Sotto la soglia del –40%, le perdite accelerano fino a zero se PLTR perde il 100%.
I potenziali acquirenti dovrebbero consultare il supplemento preliminare di prezzo n. 9.151, il supplemento del prodotto e il prospetto, e valutare attentamente i "Fattori di Rischio" prima di investire.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, está comercializando Dual Directional Trigger Jump Securities vinculadas a las acciones ordinarias de Palantir Technologies Inc. (PLTR). Los bonos no están garantizados, no pagan cupones y vencen el 15 de julio de 2027.
Términos económicos clave:
- Monto nominal declarado: 1.000 USD por título
- Pago máximo: 640 – 660 USD (64 % – 66 % del principal) si la apreciación de PLTR es del 0 % o más en la fecha de observación.
- Participación en el rendimiento absoluto: 100 % tanto en ganancias como en pérdidas hasta –40 % (el inversor recibe el principal más el mismo rendimiento absoluto, limitado por el pago fijo de 640–660 USD).
- Umbral de caída: 60 % del nivel inicial de PLTR; por debajo de este, los inversores están completamente expuestos a pérdidas en una proporción de 1 a 1.
- Fecha de observación: 12 de julio de 2027 (única observación)
- Valor estimado: 954,30 USD (con un margen de ±35 USD) frente al precio de emisión de 1.000 USD, reflejando costos de estructuración y cobertura.
- CUSIP: 61778NES6
Aspectos destacados del riesgo (no exhaustivos): los valores están sujetos al riesgo crediticio de Morgan Stanley; no ofrecen protección del capital; ganancias limitadas más allá del pago máximo; no cotizados y con posible liquidez limitada; desventajas de precio por spreads de los distribuidores; tratamiento fiscal estadounidense incierto. El producto difiere económicamente de poseer acciones PLTR directamente y puede tener un rendimiento adverso si la actividad de cobertura distorsiona los precios secundarios.
Pago ilustrativo: los inversores reciben un máximo fijo de 1.640 USD incluso si PLTR se duplica, y el mismo máximo para cualquier rendimiento positivo. Para caídas dentro del –40 %, el pago aumenta linealmente (por ejemplo, un –20 % de PLTR equivale a 1.200 USD). Por debajo del umbral del –40 %, las pérdidas se aceleran hasta cero si PLTR cae un 100 %.
Los posibles compradores deben revisar el suplemento preliminar de precios No. 9,151, el suplemento del producto y el prospecto completos, y considerar detenidamente los "Factores de Riesgo" antes de invertir.
Morgan Stanley Finance LLC는 Morgan Stanley가 전액 보증하며, Palantir Technologies Inc. (PLTR) 보통주에 연계된 Dual Directional Trigger Jump Securities를 판매 중입니다. 이 증권은 무담보이며, 이자 지급이 없고 2027년 7월 15일에 만기됩니다.
주요 경제 조건:
- 명시 원금 금액: 증권당 1,000 USD
- 상승 지급액: PLTR 주가가 관찰 시점에 0% 이상 상승하면 640 – 660 USD (원금의 64% – 66%) 지급
- 절대 수익 참여율: –40%까지 상승과 하락 모두 100% 참여 (투자자는 원금과 동일한 절대 수익을 받으며, 고정된 640–660 USD 점프 지급으로 제한됨)
- 하락 임계값: PLTR 초기 수준의 60%; 이 수준 아래에서는 투자자가 1대1 비율로 손실에 전면 노출됨
- 관찰일: 2027년 7월 12일 (단일 관찰)
- 예상 가치: 구조화 및 헤지 비용을 반영하여 발행가 1,000 USD 대비 ±35 USD 범위 내 954.30 USD
- CUSIP: 61778NES6
주요 위험 사항 (비포괄적): 증권은 Morgan Stanley 신용 위험에 노출됨; 원금 보호 없음; 점프 지급 이상의 상승 제한; 비상장으로 유동성 제한 가능성; 딜러 스프레드로 인한 가격 불리; 미국 세금 처리 불확실. 본 상품은 PLTR 주식을 직접 보유하는 것과 경제적으로 다르며, 헤지 활동이 2차 가격을 왜곡할 경우 부정적 성과가 발생할 수 있음.
예시 수익 구조: PLTR 주가가 두 배가 되어도 투자자는 최대 고정 금액인 1,640 USD를 받고, 양(+)의 수익률 시에도 동일한 최대 금액을 받음. –40% 이내 하락 시 수익은 선형적으로 증가 (예: PLTR –20% 시 1,200 USD 지급). –40% 이하로 떨어지면 손실이 가속화되어 PLTR가 100% 하락하면 손실은 원금 전액에 달함.
투자 예정자는 예비 가격 보충서 No. 9,151, 상품 보충서 및 안내서를 꼼꼼히 검토하고, 투자 전 "위험 요소"를 충분히 고려해야 합니다.
Morgan Stanley Finance LLC, intégralement garantie par Morgan Stanley, commercialise des Dual Directional Trigger Jump Securities liées aux actions ordinaires de Palantir Technologies Inc. (PLTR). Ces titres sont non garantis, ne versent pas de coupons et arrivent à échéance le 15 juillet 2027.
Principaux termes économiques :
- Montant principal déclaré : 1 000 USD par titre
- Versement maximal : 640 – 660 USD (64 % – 66 % du principal) si l’appréciation de PLTR est nulle ou positive à la date d’observation.
- Participation au rendement absolu : 100 % sur les gains comme sur les pertes jusqu’à –40 % (l’investisseur reçoit le principal plus le même rendement absolu, plafonné par le saut fixe de 640–660 USD).
- Seuil de baisse : 60 % du niveau initial de PLTR ; en dessous, les investisseurs sont exposés intégralement aux pertes sur une base 1 pour 1.
- Date d’observation : 12 juillet 2027 (observation unique)
- Valeur estimée : 954,30 USD (±35 USD) par rapport au prix d’émission de 1 000 USD, reflétant les coûts de structuration et de couverture.
- CUSIP : 61778NES6
Points clés de risque (non exhaustifs) : les titres sont soumis au risque de crédit de Morgan Stanley ; pas de protection du capital ; potentiel de hausse limité au-delà du paiement du saut ; non cotés avec liquidité potentiellement limitée ; désavantage de prix dû aux spreads des courtiers ; traitement fiscal américain incertain. Le produit diffère économiquement de la détention directe d’actions PLTR et peut avoir une performance défavorable si les activités de couverture faussent les prix secondaires.
Exemple de rendement : les investisseurs reçoivent un montant maximal fixe de 1 640 USD même si PLTR double, et ce même maximum pour tout rendement positif. Pour les baisses jusqu’à –40 %, le paiement augmente linéairement (par ex., –20 % de PLTR correspond à 1 200 USD). En dessous du seuil de –40 %, les pertes s’accélèrent jusqu’à zéro si PLTR chute de 100 %.
Les acheteurs potentiels doivent consulter le supplément préliminaire de prix n° 9 151, le supplément produit et le prospectus complets, et examiner attentivement les « Facteurs de Risque » avant d’investir.
Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, bietet Dual Directional Trigger Jump Securities an, die an die Stammaktien von Palantir Technologies Inc. (PLTR) gekoppelt sind. Die Schuldverschreibungen sind unbesichert, zahlen keine Kupons und laufen am 15. Juli 2027 aus.
Wesentliche wirtschaftliche Bedingungen:
- Nominalbetrag: 1.000 USD je Wertpapier
- Maximalzahlung: 640 – 660 USD (64 % – 66 % des Nominals), falls die PLTR-Wertentwicklung am Beobachtungstag null oder positiv ist.
- Absolute Renditebeteiligung: 100 % sowohl bei Gewinnen als auch Verlusten bis zu –40 % (Investor erhält Nominalbetrag plus dieselbe absolute Rendite, begrenzt durch die feste Jump-Zahlung von 640–660 USD).
- Abschwung-Schwelle: 60 % des Anfangswerts von PLTR; liegt der Kurs darunter, trägt der Investor Verluste im Verhältnis 1:1.
- Beobachtungsdatum: 12. Juli 2027 (einmalige Beobachtung)
- Geschätzter Wert: 954,30 USD (±35 USD) gegenüber dem Ausgabepreis von 1.000 USD, was Strukturierungs- und Absicherungskosten reflektiert.
- CUSIP: 61778NES6
Risikohighlights (nicht abschließend): Die Wertpapiere unterliegen dem Kreditrisiko von Morgan Stanley; kein Kapitalschutz; begrenztes Aufwärtspotenzial über die Jump-Zahlung hinaus; nicht börsennotiert mit potenziell eingeschränkter Liquidität; Preisnachteile durch Händler-Spreads; unsichere US-Steuerbehandlung. Das Produkt unterscheidet sich wirtschaftlich vom direkten Besitz von PLTR-Aktien und kann sich negativ entwickeln, wenn Absicherungsaktivitäten die Sekundärpreise verzerren.
Beispielhafte Auszahlung: Investoren erhalten den festen Höchstbetrag von 1.640 USD, selbst wenn sich PLTR verdoppelt, und denselben Höchstbetrag bei jeder positiven Rendite. Bei Kursrückgängen bis –40 % steigt die Auszahlung linear (z. B. bei –20 % PLTR 1.200 USD). Unterhalb der –40 %-Schwelle beschleunigen sich Verluste bis auf null, falls PLTR 100 % verliert.
Künftige Käufer sollten den vollständigen vorläufigen Preiszusatz Nr. 9.151, das Produktsupplement und den Prospekt prüfen und die detaillierten „Risikofaktoren“ vor einer Investition berücksichtigen.
- 40 % downside buffer before principal risk accelerates, providing some protection compared with direct equity exposure.
- Fixed jump payout of 64-66 % delivers a sizeable return even if PLTR is merely flat, offering enhanced risk/reward in sideways markets.
- No principal protection; investors can lose entire investment if PLTR declines ≥ 40 %.
- Upside is capped at USD 1,640 regardless of how much PLTR gains, limiting participation in substantial rallies.
- Issuer credit risk: payment depends on Morgan Stanley’s ability to pay.
- Estimated value below issue price (~95.4 %), indicating embedded fees that may pressure secondary pricing.
- No exchange listing, so liquidity may be limited and bid/offer spreads wide.
- Uncertain U.S. tax treatment, adding complexity for investors.
Insights
TL;DR: Structured note offers 64-66 % capped upside and 40 % downside buffer, but no principal protection and credit/liquidity risks; neutral for MS equity.
The FWP outlines a medium-risk retail structured product. Investors gain a generous fixed jump (USD 640-660) if PLTR is flat or positive, plus 100 % absolute return on declines up to –40 %. However, upside is capped and losses past the 60 % threshold are unlimited. The estimated value (≈95.4 % of face) signals a ~4.6 % issuer margin, typical for such notes. Credit exposure to Morgan Stanley remains, yet the firm’s investment-grade status mitigates default probability. Because issuance size is not disclosed and structured notes are routine for MS, the offering is unlikely to materially impact Morgan Stanley’s financials or share price. For investors, risk-adjusted appeal hinges on their PLTR directional view and liquidity tolerance.
Morgan Stanley Finance LLC, garantita integralmente da Morgan Stanley, propone Dual Directional Trigger Jump Securities collegati alle azioni ordinarie di Palantir Technologies Inc. (PLTR). Le obbligazioni sono non garantite, non pagano cedole e scadono il 15 luglio 2027.
Termini economici principali:
- Importo nominale dichiarato: 1.000 USD per titolo
- Pagamento massimo: 640 – 660 USD (64% – 66% del capitale) se l’apprezzamento di PLTR è pari o superiore a zero alla data di osservazione.
- Partecipazione al rendimento assoluto: 100% sia su guadagni che su perdite fino al –40% (l’investitore riceve il capitale più il rendimento assoluto, limitato dal pagamento fisso di 640–660 USD).
- Soglia di ribasso: 60% del valore iniziale di PLTR; al di sotto di questa soglia, l’investitore è esposto integralmente alle perdite su base 1:1.
- Data di osservazione: 12 luglio 2027 (osservazione unica)
- Valore stimato: 954,30 USD (con una variazione di ±35 USD) rispetto al prezzo di emissione di 1.000 USD, che riflette costi di strutturazione e copertura.
- CUSIP: 61778NES6
Rischi principali (non esaustivi): i titoli sono soggetti al rischio di credito di Morgan Stanley; non offrono protezione del capitale; guadagni limitati oltre il pagamento massimo; non quotati con possibile liquidità ridotta; svantaggi di prezzo dovuti allo spread dei dealer; trattamento fiscale USA incerto. Il prodotto si differenzia economicamente dal possesso diretto delle azioni PLTR e potrebbe subire performance negative se l’attività di copertura altera i prezzi secondari.
Rendimento illustrativo: l’investitore riceve un massimo fisso di 1.640 USD anche se PLTR raddoppia, e lo stesso massimo per qualsiasi rendimento positivo. Per ribassi fino al –40%, il rendimento cresce linearmente (ad esempio, un –20% di PLTR corrisponde a 1.200 USD). Sotto la soglia del –40%, le perdite accelerano fino a zero se PLTR perde il 100%.
I potenziali acquirenti dovrebbero consultare il supplemento preliminare di prezzo n. 9.151, il supplemento del prodotto e il prospetto, e valutare attentamente i "Fattori di Rischio" prima di investire.
Morgan Stanley Finance LLC, totalmente garantizada por Morgan Stanley, está comercializando Dual Directional Trigger Jump Securities vinculadas a las acciones ordinarias de Palantir Technologies Inc. (PLTR). Los bonos no están garantizados, no pagan cupones y vencen el 15 de julio de 2027.
Términos económicos clave:
- Monto nominal declarado: 1.000 USD por título
- Pago máximo: 640 – 660 USD (64 % – 66 % del principal) si la apreciación de PLTR es del 0 % o más en la fecha de observación.
- Participación en el rendimiento absoluto: 100 % tanto en ganancias como en pérdidas hasta –40 % (el inversor recibe el principal más el mismo rendimiento absoluto, limitado por el pago fijo de 640–660 USD).
- Umbral de caída: 60 % del nivel inicial de PLTR; por debajo de este, los inversores están completamente expuestos a pérdidas en una proporción de 1 a 1.
- Fecha de observación: 12 de julio de 2027 (única observación)
- Valor estimado: 954,30 USD (con un margen de ±35 USD) frente al precio de emisión de 1.000 USD, reflejando costos de estructuración y cobertura.
- CUSIP: 61778NES6
Aspectos destacados del riesgo (no exhaustivos): los valores están sujetos al riesgo crediticio de Morgan Stanley; no ofrecen protección del capital; ganancias limitadas más allá del pago máximo; no cotizados y con posible liquidez limitada; desventajas de precio por spreads de los distribuidores; tratamiento fiscal estadounidense incierto. El producto difiere económicamente de poseer acciones PLTR directamente y puede tener un rendimiento adverso si la actividad de cobertura distorsiona los precios secundarios.
Pago ilustrativo: los inversores reciben un máximo fijo de 1.640 USD incluso si PLTR se duplica, y el mismo máximo para cualquier rendimiento positivo. Para caídas dentro del –40 %, el pago aumenta linealmente (por ejemplo, un –20 % de PLTR equivale a 1.200 USD). Por debajo del umbral del –40 %, las pérdidas se aceleran hasta cero si PLTR cae un 100 %.
Los posibles compradores deben revisar el suplemento preliminar de precios No. 9,151, el suplemento del producto y el prospecto completos, y considerar detenidamente los "Factores de Riesgo" antes de invertir.
Morgan Stanley Finance LLC는 Morgan Stanley가 전액 보증하며, Palantir Technologies Inc. (PLTR) 보통주에 연계된 Dual Directional Trigger Jump Securities를 판매 중입니다. 이 증권은 무담보이며, 이자 지급이 없고 2027년 7월 15일에 만기됩니다.
주요 경제 조건:
- 명시 원금 금액: 증권당 1,000 USD
- 상승 지급액: PLTR 주가가 관찰 시점에 0% 이상 상승하면 640 – 660 USD (원금의 64% – 66%) 지급
- 절대 수익 참여율: –40%까지 상승과 하락 모두 100% 참여 (투자자는 원금과 동일한 절대 수익을 받으며, 고정된 640–660 USD 점프 지급으로 제한됨)
- 하락 임계값: PLTR 초기 수준의 60%; 이 수준 아래에서는 투자자가 1대1 비율로 손실에 전면 노출됨
- 관찰일: 2027년 7월 12일 (단일 관찰)
- 예상 가치: 구조화 및 헤지 비용을 반영하여 발행가 1,000 USD 대비 ±35 USD 범위 내 954.30 USD
- CUSIP: 61778NES6
주요 위험 사항 (비포괄적): 증권은 Morgan Stanley 신용 위험에 노출됨; 원금 보호 없음; 점프 지급 이상의 상승 제한; 비상장으로 유동성 제한 가능성; 딜러 스프레드로 인한 가격 불리; 미국 세금 처리 불확실. 본 상품은 PLTR 주식을 직접 보유하는 것과 경제적으로 다르며, 헤지 활동이 2차 가격을 왜곡할 경우 부정적 성과가 발생할 수 있음.
예시 수익 구조: PLTR 주가가 두 배가 되어도 투자자는 최대 고정 금액인 1,640 USD를 받고, 양(+)의 수익률 시에도 동일한 최대 금액을 받음. –40% 이내 하락 시 수익은 선형적으로 증가 (예: PLTR –20% 시 1,200 USD 지급). –40% 이하로 떨어지면 손실이 가속화되어 PLTR가 100% 하락하면 손실은 원금 전액에 달함.
투자 예정자는 예비 가격 보충서 No. 9,151, 상품 보충서 및 안내서를 꼼꼼히 검토하고, 투자 전 "위험 요소"를 충분히 고려해야 합니다.
Morgan Stanley Finance LLC, intégralement garantie par Morgan Stanley, commercialise des Dual Directional Trigger Jump Securities liées aux actions ordinaires de Palantir Technologies Inc. (PLTR). Ces titres sont non garantis, ne versent pas de coupons et arrivent à échéance le 15 juillet 2027.
Principaux termes économiques :
- Montant principal déclaré : 1 000 USD par titre
- Versement maximal : 640 – 660 USD (64 % – 66 % du principal) si l’appréciation de PLTR est nulle ou positive à la date d’observation.
- Participation au rendement absolu : 100 % sur les gains comme sur les pertes jusqu’à –40 % (l’investisseur reçoit le principal plus le même rendement absolu, plafonné par le saut fixe de 640–660 USD).
- Seuil de baisse : 60 % du niveau initial de PLTR ; en dessous, les investisseurs sont exposés intégralement aux pertes sur une base 1 pour 1.
- Date d’observation : 12 juillet 2027 (observation unique)
- Valeur estimée : 954,30 USD (±35 USD) par rapport au prix d’émission de 1 000 USD, reflétant les coûts de structuration et de couverture.
- CUSIP : 61778NES6
Points clés de risque (non exhaustifs) : les titres sont soumis au risque de crédit de Morgan Stanley ; pas de protection du capital ; potentiel de hausse limité au-delà du paiement du saut ; non cotés avec liquidité potentiellement limitée ; désavantage de prix dû aux spreads des courtiers ; traitement fiscal américain incertain. Le produit diffère économiquement de la détention directe d’actions PLTR et peut avoir une performance défavorable si les activités de couverture faussent les prix secondaires.
Exemple de rendement : les investisseurs reçoivent un montant maximal fixe de 1 640 USD même si PLTR double, et ce même maximum pour tout rendement positif. Pour les baisses jusqu’à –40 %, le paiement augmente linéairement (par ex., –20 % de PLTR correspond à 1 200 USD). En dessous du seuil de –40 %, les pertes s’accélèrent jusqu’à zéro si PLTR chute de 100 %.
Les acheteurs potentiels doivent consulter le supplément préliminaire de prix n° 9 151, le supplément produit et le prospectus complets, et examiner attentivement les « Facteurs de Risque » avant d’investir.
Morgan Stanley Finance LLC, vollständig von Morgan Stanley garantiert, bietet Dual Directional Trigger Jump Securities an, die an die Stammaktien von Palantir Technologies Inc. (PLTR) gekoppelt sind. Die Schuldverschreibungen sind unbesichert, zahlen keine Kupons und laufen am 15. Juli 2027 aus.
Wesentliche wirtschaftliche Bedingungen:
- Nominalbetrag: 1.000 USD je Wertpapier
- Maximalzahlung: 640 – 660 USD (64 % – 66 % des Nominals), falls die PLTR-Wertentwicklung am Beobachtungstag null oder positiv ist.
- Absolute Renditebeteiligung: 100 % sowohl bei Gewinnen als auch Verlusten bis zu –40 % (Investor erhält Nominalbetrag plus dieselbe absolute Rendite, begrenzt durch die feste Jump-Zahlung von 640–660 USD).
- Abschwung-Schwelle: 60 % des Anfangswerts von PLTR; liegt der Kurs darunter, trägt der Investor Verluste im Verhältnis 1:1.
- Beobachtungsdatum: 12. Juli 2027 (einmalige Beobachtung)
- Geschätzter Wert: 954,30 USD (±35 USD) gegenüber dem Ausgabepreis von 1.000 USD, was Strukturierungs- und Absicherungskosten reflektiert.
- CUSIP: 61778NES6
Risikohighlights (nicht abschließend): Die Wertpapiere unterliegen dem Kreditrisiko von Morgan Stanley; kein Kapitalschutz; begrenztes Aufwärtspotenzial über die Jump-Zahlung hinaus; nicht börsennotiert mit potenziell eingeschränkter Liquidität; Preisnachteile durch Händler-Spreads; unsichere US-Steuerbehandlung. Das Produkt unterscheidet sich wirtschaftlich vom direkten Besitz von PLTR-Aktien und kann sich negativ entwickeln, wenn Absicherungsaktivitäten die Sekundärpreise verzerren.
Beispielhafte Auszahlung: Investoren erhalten den festen Höchstbetrag von 1.640 USD, selbst wenn sich PLTR verdoppelt, und denselben Höchstbetrag bei jeder positiven Rendite. Bei Kursrückgängen bis –40 % steigt die Auszahlung linear (z. B. bei –20 % PLTR 1.200 USD). Unterhalb der –40 %-Schwelle beschleunigen sich Verluste bis auf null, falls PLTR 100 % verliert.
Künftige Käufer sollten den vollständigen vorläufigen Preiszusatz Nr. 9.151, das Produktsupplement und den Prospekt prüfen und die detaillierten „Risikofaktoren“ vor einer Investition berücksichtigen.
Free Writing Prospectus to Preliminary Pricing Supplement No. 9,151
Registration Statement Nos. 333-275587; 333-275587-01
Dated June 27, 2025; Filed pursuant to Rule 433
Morgan Stanley
PLTR Dual Directional Trigger Jump Securities due July 15, 2027
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying preliminary pricing supplement referenced below, product supplement and prospectus, and the “Risk Considerations” on the following page, prior to making an investment decision.
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Terms |
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Issuer: |
Morgan Stanley Finance LLC |
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Guarantor: |
Morgan Stanley |
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Underlier: |
Palantir Technologies Inc. class A common stock (PLTR) |
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Upside payment: |
$640 to $660 per security (64% to 66% of the stated principal amount) |
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Absolute return participation rate: |
100% |
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Downside threshold level: |
60% of the initial level |
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Pricing date: |
July 11, 2025 |
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Observation date: |
July 12, 2027 |
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Maturity date: |
July 15, 2027 |
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CUSIP: |
61778NES6 |
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Estimated value: |
$954.30 per security, or within $35.00 of that estimate |
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Preliminary pricing supplement: |
https://www.sec.gov/Archives/edgar/data/895421/000183988225035326/ms9151_424b2-19308.htm |
1All payments are subject to our credit risk
Hypothetical Payment at Maturity1
The payoff diagram and table below illustrate the payment at maturity for a range of hypothetical performances of the underlier over the term of the securities.
|
% Change in Closing Level of the Underlier |
Payment at Maturity per Security |
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+100.00% |
$1,640.00 |
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+80.00% |
$1,640.00 |
|
+60.00% |
$1,640.00 |
|
+40.00% |
$1,640.00 |
|
+20.00% |
$1,640.00 |
|
0.00% |
$1,640.00 |
|
-10.00% |
$1,100.00 |
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-20.00% |
$1,200.00 |
|
-40.00% |
$1,400.00 |
|
-41.00% |
$590.00 |
|
-60.00% |
$400.00 |
|
-80.00% |
$200.00 |
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-100.00% |
$0.00 |
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837.
Underlier(s)
For more information about the underlier(s), including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk factors carefully prior to making an investment decision.
Risks Relating to an Investment in the Securities
●The securities do not guarantee the return of any principal and do not pay interest.
●Any positive return on the securities that is based on the depreciation of the underlier is effectively capped.
●The appreciation potential of the securities is fixed and limited.
●The amount payable on the securities is not linked to the value of the underlier at any time other than the observation date.
●The market price of the securities may be influenced by many unpredictable factors.
●The securities are subject to our credit risk, and any actual or anticipated changes to our credit ratings or credit spreads may adversely affect the market value of the securities.
●As a finance subsidiary, MSFL has no independent operations and will have no independent assets.
●The rate we are willing to pay for securities of this type, maturity and issuance size is likely to be lower than the rate implied by our secondary market credit spreads and advantageous to us. Both the lower rate and the inclusion of costs associated with issuing, selling, structuring and hedging the securities in the original issue price reduce the economic terms of the securities, cause the estimated value of the securities to be less than the original issue price and will adversely affect secondary market prices.
●The estimated value of the securities is determined by reference to our pricing and valuation models, which may differ from those of other dealers and is not a maximum or minimum secondary market price.
●The securities will not be listed on any securities exchange and secondary trading may be limited.
●As discussed in more detail in the accompanying product supplement, investing in the securities is not equivalent to investing in the underlier(s).
●The U.S. federal income tax consequences of an investment in the securities are uncertain.
Risks Relating to the Underlier(s)
●Because your return on the securities will depend upon the performance of the underlier(s), the securities are subject to the following risk(s), as discussed in more detail in the accompanying product supplement.
oWe have no affiliation with any underlying stock issuer.
oWe may engage in business with or involving any underlying stock issuer without regard to your interests.
oThe anti-dilution adjustments the calculation agent is required to make do not cover every corporate event that could affect an underlying stock.
Risks Relating to Conflicts of Interest
●The calculation agent, which is a subsidiary of Morgan Stanley and an affiliate of MSFL, will make determinations with respect to the securities.
●Hedging and trading activity by our affiliates could potentially adversely affect the value of the securities.
Tax Considerations
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Additional Information About the Securities–United States federal income tax considerations” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax adviser.
FAQ
What is the upside payment on the Morgan Stanley PLTR Dual Directional Trigger Jump Securities?
How much downside protection do the securities provide?
When do the notes mature and when is the performance measured?
What is the estimated value compared with the USD 1,000 issue price?
Are the securities listed on an exchange?
Do the notes pay any periodic interest?
